4 Dangerous Misconceptions about Social Security
I can rely upon my Social Security representative to give me proper advice. Not True!
Most retirees ask their friends for Social Security advice first, then call the Social Security office for advice. Now here is the problem, the Social Security representatives are prohibited from giving any advice on when you should take your Social Security benefits.
This is the crucial time to work with a fee-based financial advisor so you can get an objective look at your sources of retirement income. Remember your friends could be in a totally different financial situation than you and what is best for them could be disastrous for you. One wrong decision regarding your money during the first few years of your retirement could have an impact lasting through your entire retirement.
I should take Social Security as soon as it is practical for me to do so. Consider This Carefully!
This leads us to the second misconception, that you should take your Social Security as soon as possible. If you have other sources of income going into retirement delaying taking your Social Security benefits could benefit you greatly. Other elements to consider in delaying are the age of your spouse, your other income sources and your financial needs in retirement.
There are few Social Security strategies retirees can use to increase their social security. Not true!
Most retirees can take advantage of the strategy of delaying taking your Social Security Benefits. It is one which can create a significant benefit over time. If one is able to delay taking their benefits from age 62 to age 66 the monthly amount they recieve will increase by up to 40%, if they are able to delay until they are 70 years old, the monthly increase can be up to 88%!
When considering a strategy for taking your Social Security benefits, some of the information to consider when is if you have a pension, what your other sources of retirement income are, how old your spouse is and your health.
Social Security is going to go broke, so why plan on it?” Not true- for now…